GBP/CHF - Staying patient, waiting for price action
Option 1. GREEN
Price has been moving to the downside for some time and I am looking ideally to take a buy position at the lower trend line. Price could just move correctively and then push up, form a flag from which I would then be taking a position on the 1HTF.
Option 2. ORANGE
Price could retrace from here, form a bull flag which I would take to the upside.
Option 3. RED
Due to the current trend if we break through the lower trend line impulsively I will then look to take the first flag to the downside. If it breaks through this level there is a very clear route for price to take all the way back down to 1.11163
Price has been moving to the downside for some time and I am looking ideally to take a buy position at the lower trend line. Price could just move correctively and then push up, form a flag from which I would then be taking a position on the 1HTF.
Option 2. ORANGE
Price could retrace from here, form a bull flag which I would take to the upside.
Option 3. RED
Due to the current trend if we break through the lower trend line impulsively I will then look to take the first flag to the downside. If it breaks through this level there is a very clear route for price to take all the way back down to 1.11163